Tentative deal reached on rebuilding WTC site

March 26, 2010

BRUSSELSNEW YORK CAIROBROWNSVILLE, Tenn. — - The World Trade Center developer and government agencies that control the site have reached a tentative deal to resolve a 16-month stalemate over rebuilding at Ground Zero. The proposed agreement will allow four office towers to be built, although one will be delayed indefinitely because of the poor economy. The arrangement was announced by the Port Authority of New York and New Jersey following a board meeting Thursday. Construction is already under way on the first Ground Zero office building, 1 World Trade Center, as well as a Sept. 11 memorial and a transit hub, but other planned skyscrapers have been stalled in a financing dispute. Under the tentative deal, the Port Authority would finance the second tower at the site, a 64-story building to be completed in 2013. Developer Larry Silverstein would have to raise $300 million in cash to build a third office tower at the site.

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